At 4:30 p.m. Eastern Time, Silvergate Bank announced its intention to wind down the crypto-friendly bank’s operations and voluntarily liquidate the company’s assets. The news follows significant financial troubles the bank faced, and the firm’s stock plummeted in value.
Details of Silvergate’s Wind Down and Liquidation Plan
Over the last six months, Silvergate Capital Corporation’s (NYSE: SI) stock dropped 94.82% against the U.S. dollar as the company faced significant financial troubles tied to its exposure to the now-defunct crypto exchange FTX. On Wednesday, March 8, 2023, the company announced it was winding down operations and plans to liquidate the bank. Four days ago, Silvergate discontinued the firm’s Silvergate Exchange Network payment platform.
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“In light of recent industry and regulatory developments, Silvergate believes that an orderly
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